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#1816317 - 05/21/13 09:51 PM Possibly the dumbest question ever - PMI
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Where are the rules for PMI?.....automatic discontinue when 80% is reached.....discontinue by request at 78%.....or something like that.
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#1816323 - 05/21/13 10:08 PM Re: Possibly the dumbest question ever - PMI swiggles
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
And you can ask it better than anybody I know!* wink

Homeowners Protection Act. smile
















*I hope you get the 80's sitcom reference!
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#1816324 - 05/21/13 10:09 PM Re: Possibly the dumbest question ever - PMI swiggles
Chance Offline
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Chance
Joined: May 2009
Posts: 38
Where it never rains!

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#1816326 - 05/21/13 10:25 PM Re: Possibly the dumbest question ever - PMI swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Thanks to you both!!! I try to ask questions in unique ways.......
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#1816680 - 05/22/13 09:22 PM Re: Possibly the dumbest question ever - PMI swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Soooooooooo, does the HPA cover only PMI or does it also cover MIP? If not, where are the rules for MIP? Sorry I'm so ignorant about this.
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#1816737 - 05/23/13 01:27 PM Re: Possibly the dumbest question ever - PMI swiggles
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
You need to review the Homeowners Protection act Of 1998.

I have a link to it through AllRegs but you need a subscription to access it.

HOPA covers Private Mortgage Insurance. The Mortgage Insurance through FHA, Rural Housing, & VA are not covered. Here's the definitions from section 4901:

(8)Mortgage insurance
The term "mortgage insurance" means insurance, including any mortgage guaranty insurance, against the nonpayment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction.

(13)Private mortgage insurance
The term "private mortgage insurance" means mortgage insurance other than mortgage insurance made available under the National Housing Act [12 U.S.C. 1701 et seq.], title 38, or title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.].
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#1816913 - 05/23/13 05:41 PM Re: Possibly the dumbest question ever - PMI swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Thank you, Dan. I found that section in HOPA. So for FHA MIP, are there any disclosures required, or amortization schedule? And I guess there are no termination rules either?
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The more you sweat in training, the less you bleed in battle.......

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#1816939 - 05/23/13 06:10 PM Re: Possibly the dumbest question ever - PMI swiggles
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
None of the HOPA disclosures, cancellation or termination rules apply to those loans.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1817000 - 05/23/13 07:42 PM Re: Possibly the dumbest question ever - PMI swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Yippie!!.....'cause there ain't anything in the file. I thought I had some violations. Now, I know I don't AND I've been educated!! Thanks, Mr. D.
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